I know the issue of CA charging on receipt of £ pensions has cropped up from time to time. I now understand that following internal changes, CA Britline WILL now charge on the receipt of £ sterling pensions. They shouldn’t charge on receipt of pensions coming from the UK denominated in € (being a “SEPA” transfer, the UK still being a member of the Single Euro Payment Area).
The screenshots below are from the latest charges document (attached below)
Are they (CA) also responsible for determining the exchange rate? If so, and assuming one has no UK bank, I imagine it would be worth using Wise or similar to receive the pension and provide a better exchange rate.
Credit Agricole Normandie don’t seem to charge for receipt of State pensions paid directly but then I’ve no idea whether the UK converts pounds to euros before the transfer or not.
All other pensions I’ve had, I’ve received in a UK bank account and transferred myself, usually using Wise, and there is therefore no charge at the receipt end.
When we first received our various Pensions… our CA local branch did make a charge to exchange…
I queried this and, as soon as they realized it was Pensions, they cancelled their charges.
I’ve not noticed any charges on Pensions being incurred more recently… but I’ll take a good close look at my Account.
The transaction is a € one - the £ are converted before being sent. That’s why I have my state pension sent to France (they explained this when we moved here). The UK govt gets a better rate than I do.
Sorry @Stella, and @George1 . I was typing the same thing while you both posted.
That’s what I shall be doing in a year or two with my private pension - the State one I’m guessing that UK Gov will get a slightly better rate than even Wise do, but will check nearer the time.
That’s certainly my experience but many prefer to transfer at a time of their own choosing and thereby hopefully get a better rate, It’s a lot of faff though!
Me too, started in Feb this year and each month euros arrive in account with local CA branch and no charges but then I did stipulate that as have no UK accounts so only into french one.
